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I'm catching up on old emails and came across this thread. I have had
similar experiences with Brown "protecting me" from my own mistakes by
calling me.
Another thing to know is that if you push sell and meant buy, get on the
phone immediately to your broker's trading desk and ask for an "out". They
then contact the market maker and see if they can void your trade. Brown
will do this. Don't know about others.
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---- Original Message -----
From: Al Taglavore <altag@xxxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Sent: Friday, May 28, 1999 3:35 PM
Subject: Re: Buy-Sell Stops
> I can make a comment on your inquiry. I use Brown & Co. and I trade three
> different accounts. I placed a sell order on a stock that was not in that
> particular account, and when I clicked the submit button, I received a
> screen message stating Stock not in account to sell. I have also placed
an
> order (in the wrong account) to cover short, and got the message no short
> sale in account.
>
> Al Taglavore
>
> ----------
> > From: Vitaly Larichev <vitaly@xxxxxxxxxxxxx>
> > To: metastock@xxxxxxxxxxxxx
> > Subject: Re: Buy-Sell Stops
> > Date: Friday, May 28, 1999 12:23 PM
> >
> > Steve, Guy, others,
> >
> > For the sake of clarity want to put the question in other way. Let's
> assume I place an
> > order on-line (to exclude any other party to blame for my own mistakes),
> and in a rush
> > filling an order form, I mark "sell" instead of "buy" some X shares of
Y
> company. Note I
> > don't own a single share of that company at the moment of placing the
> order. Mind also
> > that an another option to choose from in the order form - "Sell Short",
> hasn't been
> > marked. So, you guys, are you saying that this is a common/legitimate
> practice at
> > brokerage firms to consider "Sell" order of stocks you don't own as
"Sell
> Short" order
> > even though the filled by me form doesn't explicitly shows it as "Sell
> Short"?
> >
> > Cheers, Vitaly
> >
> > Guy Tann wrote:
> >
> > > Steve
> > >
> > > We don't want to start telling stories here about wonderful stop loss
> fills.
> > > I'm sure the list members could help write a book. <G> They'd go on
> > > forever.
> > >
> > > Basically, our Rule of Thumb is that we do not place any stop loss
> orders
> > > until after the fill (if I understand his question correctly) and
since
> > > burnt more than once, use visual stops instead of actual stops, all
> basis
> > > close.
> > >
> > > Regards
> > >
> > > Guy
> > >
> > > -----Original Message-----
> > > From: owner-metastock@xxxxxxxxxxxxx
> > > [mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of Steve Karnish
> > > Sent: Thursday, May 27, 1999 10:17 AM
> > > To: metastock@xxxxxxxxxxxxx
> > > Subject: Re: Buy-Sell Stops
> > >
> > > "So, did I get snookered?"
> > >
> > > Is this strictly hypothetical? Isn't the contract low 246.75? If
your
> > > broker is telling you that the maket touched 246, then you indeed got
> > > snookered. If you are asking is it legal or common to get filled
below
> > > your sell-stop...well, we all have a bunch of stories to spin. Let me
> tell
> > > you about the time I got filled $3.75 below my stop in lumber. It was
> a
> > > cold day in February.......
> > >
> > > Steve Karnish
> > > CCT
> > >
> > > ----------
> > > > From: tvk2@xxxxxxxx
> > > > To: metastock-list@xxxxxxxxxxxxx
> > > > Subject: Buy-Sell Stops
> > > > Date: Thursday, May 27, 1999 8:07 AM
> > > >
> > > > Let's suppose the Jul Wheat is at 248.0. You think it will
> continue
> > > > UP, so you place a Buy Stop day order at 251.25. The broker then
> asks
> > > > about a sell-stop. Even tho it's a tad close, you give him a GTC
> > > > Sell-Stop at 246.0.. Question--- What happens if the Wheat piddles
> > > > around for an hour or so, then tanks to 245.00. So, did I get
> snookered?
> > > > Sure, if it had rapidly advanced to 252, before taking a dive, I
> can
> > > > see that it was just lousy luck. This is also the reason why I
> usually
> > > > wait until the buy condition is hit before giving a stop (get me the
> hell
> > > > out order). So---anyone else have any unpleasant experience such
as
> > > > this??? T.C.
> > > >
> > > > ___________________________________________________________________
> > > > You don't need to buy Internet access to use free Internet e-mail.
> > > > Get completely free e-mail from Juno at
> http://www.juno.com/getjuno.html
> > > > or call Juno at (800) 654-JUNO [654-5866]
> >
> >
> >
> >
>
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